In New York, are a condominium's funds required to be deposited in a New York bank?

Also, are the accounts that hold a condominiums assets, such collected common charges, required to be held in the name of the condominium, as opposed to the name of the managing agent?

Please provide sources for any information you may provide, e.g. Condomnium Act Section xx.xx or General Business Law Section xx.xx.

Thank you very much!

Simply required to be held in an escrow account by whomever the Lease specifies as the escrow agent. For more specificity, contact your local lawyer.

Good luck!

Tags

　　Offshore Investment 　　Mutual Fund 　　Money Market Funds 　　Money Investment 　　Managed Fund 　　Make Money 　　Low Risk Investment 　　Long Term Investment

Related information

For those of you who manage your own stocks, how many different ones do you own ?

12 stocks. I also try to keep a mixture of resource, energy and industrials.

...

How did Bill Gates manage to keep ownership of his invention ?

Bill Gates didn't "invent" the computer (transistors, computer chips, hard drive, RAM, all invented by others....the transistor was invented 10 years before Gates was born, think la...

How can I manage my cah flow?

I'm not sure what "cah" is... But if you mean "cash", then I highly recommend reading the book "Rich Dad, Poor Dad" by Robert Kiyosaki. I would also recomme...